Emmvee eyes Rs 2,500 crore revenues, opens new plant

BENGALURU: Homegrown solar energy sector pioneer Emmvee is eyeing Rs 2,500 crore in revenues this year, supported by a healthy order book and strategic expansion, encompassing both domestic as well as international markets.

The Bengaluru-headquartered company recently inaugurated a new facility in Sulibele, near Kempegowda International Airport. With this expansion, it will add ~2 GWp module capacity to become around 6.6 GWp-strong in solar photovoltaic (PV) modules, and 2.5 GWp in solar cells. This 4 lakh sqft unit, on which Emmvee has invested Rs 250 crore, will employ a workforce of over 500, who will add to its existing headcount of 2,000. Meanwhile, Emmvee also operates a larger facility in Dobbaspet, Tumakuru.

"We launched in 1992 with the production of rooftop solar thermal systems, and then diversifying to PV module manufacturing in 2006. Until 2014, 100% of our modules were exported to Europe. With the announcement of the National Solar Mission after 2010, we focused more on India, and began with 15 MWp of module capacity," Emmvee CMD DV Manjunatha told TNIE.

While the Dobbaspet plant has a smaller line for water heaters, 95% of Emmvee's business is derived from modules. "Now, there is a huge demand for solar PV modules, as an addition to more conventional sources of power generation, all in an effort to minimise power cuts. Also, modules are among the most cost-effective sources of power generation," informed Emmvee president and CEO Suhas Donthi. The said modules are used for solar power generation, and can also drive solar pumps, streetlights, satellites and so on.

Over the years, Emmvee has expanded internationally as well, with a presence across Europe, Africa and North America. Specifically, it operates a solar power plant in Germany. However, Emmvee continues to prioritise domestic production. “We are committed to reducing import dependency and building a resilient local supply chain,” Manjunatha said.

Currently, the company boasts of over 50% localisation. "Our plan is to make our cell manufacturing capacity on par with our module manufacturing capacity. By producing more solar cells, our import costs drastically drop," mentioned Donthi.

Domestically, Emmvee also contributes to major government initiatives like PM Suryaghar Yojana and the PM-KUSUM scheme, aligning with India’s energy independence goals, while continuing to remain bullish on state-run energy utilities and the private sector for growth.

Separately, it recently committed to invest Rs 15,000 crore in a new solar manufacturing hub in Karnataka. "The Union government is aiming to achieve net zero by 2047, and by 2030 itself, it's eyeing 450 GW of renewable energy. To meet that requirement, based on the demand, we also wish to expand in a phased manner. The new facility is a step in the company's dedication to supporting India's renewable energy goals and achieving solar manufacturing self-reliance," Manujunatha said. Currently, within India’s renewable energy landscape, solar power leads the way with an installed capacity of 105.65 GW.